A series of positive news from the economy raised the expectation of improving oil demand in the market, thereby supporting the price of oil and gas today going up.
As the early morning of October 23rd, Vietnam time, on the New York Mercantile Exchange, the WTI light sweet crude oil delivered in December 2020 was at $ 40.64 / barrel, up $ 0.02 / barrel in the session. However, if compared with the same time on October 22nd, WTI oil price delivered in December 2020 increased to 0.79 USD / barrel.
Meanwhile, the price of Brent oil delivered in December 2020 was at 42.47 USD / barrel, increased 0.01 USD / barrel in the session and increased 0.87 USD / barrel compared to the same period on October 22nd
Oil prices on October 23rd tended to increase again after the market recorded a series of positive news from the US economy.
According to the US Department of Labor, the number of applications for unemployment benefits of this country as of last Saturday was only 787 thousand, down 55 thousand from the previous week.
While according to the National Association of American Real Estate Professionals (NAR), current home sales in September rose 9.4%, to 6.54 million units, compared with 5.98% in August.
China’s economy grew 4.9% in the third quarter compared to the same period last year, lower than the expectation of 5.2% by Investing.com news agency. However, the country’s industrial output in September increased by 6.9% over the same period last year (higher than the forecast 5.8%) and retail sales increased by 3.3% (much larger than the previous year) 1.8% compared to the same period in September 2019. The Chinese unemployment rate stood at 5.4% in September, down from 5.6% in August.
In addition, today oil prices increased due to the expectation that a new US economic support package will be deployed soon as negotiations are still underway.
In the latest development, US President Donald Trump continued to criticize the Democrats’ unwillingness to reach an agreement.
White House Chief of Staff Mark Meadows also said that Democrats deliberately delayed even though the administration proposed a $ 1,900 billion bailout package, approaching the $ 2,200 billion proposed by Democrats.
However, oil prices on October 23rd are also under great pressure to reduce prices due to concerns about oversupply in the crude oil market. China, the world’s largest crude oil consumer, has reduced imports when its oil inventories are filled. Meanwhile, OPEC + has agreed to reduce the output cut from January 2021.
In the domestic market, today’s oil and gas prices are as follows: E5 RON 92 gasoline price is not higher than 14,268 VND / liter; RON 95 gasoline price is not higher than 15,122 VND / liter; diesel oil price of 0.05S is not higher than 11,128 VND / liter; kerosene price is not higher than 9,594 VND / liter; mazut oil price 180CST 3.5S not higher than 10,921 VND / kg.